FASB issued a new standard on financial reporting for leases that is designed to bring transparency and comparability to lessee balance sheets.
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NEWS
Review team affirms FASB’s earnings-per-share standard
A FASB standard issued in 1997 meets its objectives of simplifying computations of earnings per share and improving comparability with international standards, a review team reported.
Colorado’s use tax notice and reporting law is constitutional, Tenth Circuit holds
The court held that the law does not discriminate against out-of-state retailers.
New interpretation addresses reviews performed under SSARSs and another set of standards
The AICPA issued a new interpretation to clarify a permissible reporting convention when a review is performed in accordance with the SSARSs and with another set of review standards.
2016’s dirty dozen tax scams
The IRS released its annual list of the “dirty dozen” worst tax scams, starting with identity theft and winding up with frivolous tax arguments.
Internal auditors challenged by cybersecurity, data quality
Many internal audit departments are short on cybersecurity expertise and lack involvement in evaluating the quality of the data used in their organizations, according to a new survey.
Hoogervorst reappointed as chairman of IASB
Hans Hoogervorst will serve a second five-year term as chairman of the International Accounting Standards Board.
FASB affirms revenue recognition clarifications
FASB affirmed narrow-scope changes and practical expedients to its revenue recognition standard this week on issues including collectibility, contract modifications, and completed contracts at transition.
Due date for estate basis reporting postponed once again
The IRS further postponed the due date for the new reporting requirement, under which estates must report the value of estate assets to the IRS and to beneficiaries.
Congress enacts permanent ban on state and local internet taxes
Thursday, the Senate approved a bill making the Internet Tax Freedom Act’s ban on state and local taxes on internet access permanent.
GASB clarifies guidance on blending certain component units into financial statements
GASB issued a standard that is intended to clarify how certain component units incorporated as not-for-profit corporations should be presented in state or local government financial statements.
Money matters cause tension for 88% of Millennial couples
Just a little over half of young couples discuss their saving and spending habits or have a monthly budget, while just 4 in 10 have talked about their long-term financial plans.
AICPA “fly-in” to D.C. seeks path toward a 21st century IRS
The “fly-in” was intended to highlight dissatisfaction by practitioners and taxpayers with the IRS’s admittedly unacceptable levels of service and CPAs’ potential role in improving the IRS in that and other ways.
GASB proposes single approach for lease reporting
A new GASB proposal would require state and local governments to report leases based on the principle that leases are financings of the right to use an underlying asset.
IRS suffers another data breach
The IRS revealed that it discovered and stopped an automated cyberattack on its e-filing personal identification number (PIN) system last month.
President’s budget proposes many tax changes
In addition to a proposed spending blueprint for the government, President Barack Obama’s proposed FY 2017 federal budget contains a wide variety of tax law changes that would affect individuals and businesses.
Additional 2016 inflation adjustments released
The IRS issued inflation adjustments for the Sec. 179 expensing limits, the above-the-line deduction for eligible expenses of educators, and the deductible amount for van pool and transit expenses.
Maximum vehicle values for personal-use vehicles are issued
The IRS issued the 2016 inflation-adjusted amounts for the maximum vehicle values for purposes of determining the amount that is included in employees’ income for personal use of an employer-provided vehicle.
U.S. companies align to control health care costs
A new not-for-profit has corralled 20 large U.S. companies into an effort that could rebalance relationships between corporate America and the health supply chain.
IRS restores e-filing services
The IRS’s tax return e-filing system was back in operation Thursday afternoon, a day after a computer hardware failure knocked out it and other IRS system services.
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